Despite Filipinos’ high adaptability with trends and computers including the filed of ‘fintech‘ (financial technology), the Philippines still lags behind its Southeast Asian (SEA) neighbors when it comes to financial inclusion.
In fact, about 78% of the country remains unbanked and underbanked while the credit card penetration stands at 3% as of 2022. Prolonging this situation are the lack of a solid cashless payment infrastructure as well as insufficient credit data.
Mocasa ’Pay Later Anywhere‘
Did you know that only a very low percentage of Filipinos have access to bank products with affordable interest charges? Most of the time, even those who do have access, find current tools inconvenient to use.
For example, they have to top up their e-wallets first before using them, instead of just having them seamlessly linked to their bank accounts.
To bridge this gap in the industry, innovative credit payment app Mocasa chose the Philippines to be its first stop in introducing its Pay Later Anywhere scheme. It is also the only fintech company that provides a zero-interest rate credit line.
“We had a simple goal when we entered this market: to offer a unique app to address the cashless payment and credit opportunity issues for Filipinos who are still not well-served by traditional banks,” Mocasa CEO Robin Wong.
Underpinning Wong’s optimism is the county’s 73% mobile internet penetration rate, and with leading GDP growth rates, among the Southeast Asia, of 5.6% and 7.6% in 2021 and 2022, respectively. The Bangko Sentral ng Pilipinas is also pushing to digitize 50% of the payments this year.
“As we delved deeper, we learned that more Filipinos also need flexible credit payment options that would give them the chance to extend their financial capabilities,” Wong continued. “And that is exactly what we have enabled through the Mocasa app,” which he also described as the country’s first credit payment app.
Leveraging on these developments, Mocasa has made a head start with its flexible credit option, offering its users an alternative payment solution that is digital, convenient, and affordable at a time when established cashless payment infrastructures remain few. Its 50-day no-interest and no-downpayment feature also makes shopping and payment hassle-free.
Another breakthrough is that Mocasa allows qualified borrowers to make credit payments at more than 1 million merchants both online and offline. This is made possible through its innovative partnership with Mastercard.
Available for download on Google Play store and the Apple Store, Mocasa provides an advanced financial channel for consumers that is secured by a reliable anti-fraud solution and backed by 24/7 chat support to cater to all the issues of the customers.
“Mocasa’s commitment to creating an easy customer experience starts with the application. We use top-of-the-line AI technology for our KYC and for credit checks. But to ensure accuracy, we also have an in-house auditing team that does the manual check which enables us to reach the optimal approval time of three to five minutes or at most, within the same day,” explained Wong. “As a one-stop platform for Mocasa users, our customers also receive their disbursed loans via app, while our merchant partners can view their sales there, as well.”
To ensure a quick connection to various merchants and users, it has also partnered with the Philippine government’s QRPH QR code payment network promotion.
How to Apply
Interested customers may apply for a Mocasa credit line by preparing 3 key requirements:
- 1 Valid Government ID
- Mobile Number (active)
- Proof of Income *
* Options for ‘proof of income’ can be pay slips in the last 3 months, bank statement of last 1 year, or social insurance records in recent 1-2 years.
Upon approval, the customers are eligible for 2 types of credit balance account:
- Standard Account – has an adjustable credit based on the customer’s financial capacity
- Constructive Account – requires a holdout deposit in order to be used to build credit track record from scratch. (This is best for those who never had a record in central credit bureau.)
With merchant payments accounting for 70% of monthly retail payments in the country, Mocasa is aiming to onboard 10 million more users in the next 5 years and acquire more than 3 million credit accounts by 2024.
More About Mocasa
Mocasa is a fintech company focused on providing innovative credit payment services to the Philippine market. Founded in 2021, it aims to enable Filipino users to experience the convenience of credit payment anytime and anywhere – whether online or offline, without actually owning a physical card – while also enjoying benefits such as zero interest when paying on time, flexible installment plans, and credit limit growth.
Currently, Mocasa has over 100,000 users who have successfully obtained credit limit. It has also integrated with many well-known partners to provide quality credit services such as Mastercard.
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